ROADSHOWS
Attendees: Duncan Nicholson
“The question to consider then is, how do we integrate recruitment into our strategies and how can we make law firms that are not in central locations more desirable to the younger generation?”
Managing Partner Tollers LLP
Matt Howard
Nick Ash
Robert Dillarstone
Managing Partner Will and Probate Services
Stephen Drake CEO Steeles Law
Organic growth was the key term throughout today’s discussion, with acquisitive growth only been deemed necessary if transformation was part of the strategic plan. Lewis explained that his business is following an effectiveness business model rather than an efficiency model as this enables them to look at the quality of their products and services, fundamentally changing their relationships with their clients and allowing them to compete on quality rather than price. Howard Sears summed up this part of the discussion, declaring that while growth is good, there are still many challenges: “Growth needs resources and the right business model in place – we need to grow through effectiveness because we want to grow with quality.”
Partner Price Bailey
John Warren
Partner Price Bailey
back to basics and get to know our employees and what they consider to be an attractive working culture in order to get to grips with what the up and coming generation want from their working environment.
Howard Sears (Chair)
Partner Price Bailey
Managing Partner Greenwoods GRM LLP
Tom Lewis COO LGSS Law
phase, and while they have grown rapidly, they are still working on getting the foundations right in terms of new systems and processes. Lewis explained that when they work on their strategy, they bring in people who have experience with growth – communication teams, marketers and client services – because they have the experience of growing a brand and growing a client relationship, and that needs to be reflected in a business strategy: “Strategy is a bit like skiing downhill – you have the shared goal of getting to the bottom, what you don’t know is every twist and turn on the way, so you need as many experienced bodies around that board room table helping you navigate it.”
What is your strategic business plan?
When asked the question whether the firms around the table had a strategic business plan, there were a variety of answers, from a five year plan to a ninety day plan. Drake stated that his team have more to do. The focus had been on short term strategic planning post-recession but the board are now focusing on the longer term too. Nicholson’s business has a three year strategic plan in place: “Our plan guides us but it is not so ridged that we couldn’t change our course if an opportunity cropped up. Our plan is all about enabling us to expand our business and give us a more balanced model.” Robert Dillarstone’s plan looks ahead to the future of 2025, but he suggested that “people overestimate how much they are capable of achieving in one year, but underestimate how much they are capable of achieving in five years.” Lewis agreed, quoting Mike Tyson: “Everyone has a plan until they get punched in the face.” Lewis is currently in a start-up
Brexit
The conversation briefly touched on the subject of Brexit. Sears asked the group for their thoughts, and what they believed would be the impact on practices in the UK. Dillarstone said, that when compared to other sectors, we are quite fortunate as we will be more protected. While Nicholson admitted that the residential property side has slowed slightly, there hasn’t been much change. He believes the main effect will be client’s appetite for business, but as we all know, we are just waiting to see what happens at the moment.
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